Which of the following statements are correct? 

Soaps are sodium or potassium salts of long chain carboxylic acid.

The correct answer is option 1. Soaps are sodium or potassium salts of long chain carboxylic acid.

On treatment with sodium hydroxide, which is an alkali, the ester is converted back to alcohol and sodium salt of carboxylic acid. This reaction is known as saponification because it is used in the preparation of soap. Soaps are sodium or potassium salts of long chain carboxylic acid.

CH₃COOC₂H₅ + NaOH  → C₂H₅OH + CH₃COONa